Tax Law for Individuals and Companies 5359

Prerequisites

No special requirements, but basic knowledge of accounting and finance accounting would be an advantage.

Course Objectives

The course will provide students with information concerning the most important regulations in tax law for the calculation of:
· Income (income subject to tax and expenses which are tax deductible)
· Wealth (wealth entries adjusted for debt) for both individual taxpayers and limited companies
· Employer’s contributions for businesses with employees
· Advance withdrawals from an employee’s gross income
The course will also provide information concerning value-added tax and insight into the main tax assessment documents for tax subjects.

Course Description

The course will focus on the following topics:

• Taxation of individual tax subjects (adults and children) who are in various life and work situations, e.g. students, employees, unemployed, people on sick-leave and senior citizens
• Taxation of trade and business, organised as individual activities or limited companies
• Value-added tax on purchases and sales, and withdrawal from registered businesses and individuals
• Employer’s contributions expenditure
• Calculation of shares value in private limited companies
• Profit and loss calculation on realisation of shares
• Calculation of personal income regarding ownership of business (individual economic activity)
• Taxation of dividends from limited companies
• Regulations for the administration and payment of taxes of employees
• The principal tax assessment documents for trade and business, employees and other categories
• Value-added tax administration when starting economic enterprises
• Value-added tax administration regarding voluntary registration of rented buildings
• The principal tax regulations on taxation of income and wealth for general partnerships
• Financial options

Learning Methods

Lectures will cover theoretical topics and legal texts, as well as provide practical examples. Assignments will be worked on in some of the lectures.

Assessment Methods

Obligatory assignments must be submitted and receive passing receive passing marks before students may be allowed to sit the examination. Written, individual examination, 4 hours.

Pensum